Sonic (prev. FTM) rallies as TVL hits record high and market capitalization surpasses $3.1 billion

Sonic (S), previous Fantom (FTM), rallies over 20% in the last 24 hours and trades around $0.90 at the time of writing on Friday after rising almost 64% this week. The migration of FTM to S token at a 1:1 ratio was completed on January 17. 

CoinGeko data shows that S market capitalization surpassed $3.1 billion this week while its Decentralized Exchange (DEX) trading volume and Total Value Locked (TVL) reached $1 billion and $704 million, respectively.

Migration from Fantom to Sonic completes 

Fantom token of the Fantom Opera network completed its migration to the Sonic token on the Sonic network on January 17. This migration converts FTM tokens to S tokens at a 1:1 ratio. 

According to Sonic Insider, the key feature of S is that 100% of tokens are already in circulation, eliminating concerns about future unlock events. 

Sonic’s market capitalization surpasses $3.1 billion while its TVL and Dex volume reach new highs

Sonic’s market capitalization surpassed $3.1 billion earlier in the day on Friday and currently stands at $2.9 billion, according to CoinGeko data.

Sonic market capitalization chart. Source: CoinGecko

Looking down on Sonic’s Total Value Locked (TVL) data further supports its bullish stands. Crypto intelligence tracker DefiLlama data shows that S’s TVL increased from $292.86 million on February 3 to $704.76 million on Friday, hitting a new all-time high.

This increase in TVL indicates growing activity and interest within the Sonic ecosystem, suggesting that more users deposit or utilize assets within S-based protocols.

S TVL chart. Source: DefiLlama

Another aspect bolstering the platform’s bullish outlook is a recent surge in traders’ interest and liquidity in the S chain. According to Sonic’s insider post on X, S’s Decentralized Exchange (DEX) trading volume has surpassed $1 billion.